AJAX, ONTARIO--(Marketwire - March 1, 2012) - Automodular Corporation (TSX:AM) ("Automodular") reports net earnings of $12.2 million or $0.61 per share for the year ended December 31, 2011 compared to net earnings of $4.8 million or $0.21 per share in 2010. Comparative results have been restated to reflect the transition to International Financial Reporting Standards.
Automodular's consolidated financial statements, management discussion and analysis and annual information form for the year ended December 31, 2011 will be filed on SEDAR on or about March 7, 2012 and the complete annual report together with the management information circular and proxy will be mailed to shareholders on or about April 27, 2012.
Automodular enters the 2012 year with a strong balance sheet and cash on hand of $14.8 million. Automodular continues to seek out diversification opportunities that will leverage the skill sets of its existing personnel.
Automodular Corporation is a supplier of sub-assembly, sequencing and transportation services to the automotive industry - Ford's Oakville Assembly Plant - and the renewable energy industry - Vestas Nacelles A/S. The Company has three operating facilities and employs approximately 525 people.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Specific forward-looking statements in the document include those relating to Automodular's ongoing diversification review. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are market and general economic conditions and the risk factors detailed from time to time in the Company's periodic reports filed with the Canadian securities regulatory authorities and on SEDAR at www.sedar.com. Readers are cautioned not to rely on forward-looking statements. Except as required under continuous disclosure obligations, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Automodular does not provide financial outlooks.